KEGOC to float in People's IPO in Kazakhstan

19 марта 2013, 16:50
Photo by Danial Okassov©
Photo by Danial Okassov©
KEGOC shares will be offered as part of the People's IPO in the beginning of this summer, reports citing deputy Prime-Minister of Kazakhstan Kairat Kelimbetov.

“The second stage of the (IPO) program will start this year with selling of KEGOC shares in the second quarter. The shares of KazTransGas and Samruk-Energy will be offered in the fourth quarter of this year,” Kelimbetov said.

According to Samruk-Kazyna, this will happen only after the concept of Kazakhstan power sector development is completed and measures to define approaches to rates regulation (to be applied after 2015) for power generating plants and distribution networks are in place.

Chairman of Samruk-Kazyna National Welfare Fund Umirzak Shukeyev said that the company is currently undergoing an audit.

“The current balance is 126 billion ($840 million), but the company is largely undervalued and we believe that its market cost is much higher. The prices of the shares will be defined at the last stage,” he said.

According to Samruk-Kazyna, KEGOC is the core operator of Kazakhstan’s nationwide electric power grid. The company’s charter capital is 106.9 billion tenge ($712 million). According to the preliminary financial report, the company’s incomes in 2012 made 71.7 billion tenge ($478 million) and the net profit made 7 billion tenge ($46.3 million). KEGOC is currently implementing projects on development of Kazakhstan’s national electric power grid worth 97 billion tenge ($647 million).

“The total number of common shares is 10,767,297. The nominal value of one share is 10,000 tenge ($67). People will be able to buy the shares at regional, city and village post offices of the transfer-agent Kazpochta,” Samruk-Kazyna said.

KEGOC is not the first Kazakhstan company to be floated as part of the People's IPO. KazTransOil was the first one.

According to the press-service, the initial placement of the common shares of KazTransOil at the Kazakhstan Stock Market was made under the People’s IPO from November 6 to December 5, 2012. The total of around 35 thousand applications for procurement of over 38.5 million KazTransOil shares were submitted and approved. Around 80 percent of the offered securities were bought by individuals.

By Baubek Konyrov

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